Revolutionizing Healthcare Efficiency: Electronic Data Interchange Market Surges to USD 2674 Million by 2030
Market Synopsis
Market Research Future (MRFR), in its latest “Global Healthcare Electronic Data Interchange (EDI) Market Size” was valued USD 2674 Mn in 2017 and is projected to grow at 8.60% CAGR by 2030. The Healthcare Electronic Data Interchange (EDI) market is experiencing significant growth, driven in part by the increasing adoption of Health Information Exchange (HIE) solutions. HIE plays a crucial role in facilitating the seamless exchange of health-related information among healthcare providers, improving patient care coordination and enhancing efficiency within the healthcare ecosystem. As the demand for interoperable health data continues to rise, healthcare organizations are increasingly turning to EDI solutions to streamline their data exchange processes. These solutions not only enable secure and efficient transmission of patient data but also support compliance with regulatory standards such as HIPAA.
Health Information Exchange (HIE) serves as the backbone of electronic data interchange in healthcare, enabling the secure sharing of patient information across disparate systems and organizations. By leveraging EDI technologies within HIE frameworks, healthcare providers can achieve greater interoperability, allowing for more informed clinical decision-making and improved patient outcomes. Additionally, the integration of EDI in HIE promotes cost savings by reducing administrative overhead and minimizing errors associated with manual data entry. As the healthcare industry continues to prioritize data-driven approaches to care delivery, the Healthcare EDI market is poised for continued expansion, driven by the growing demand for seamless interoperability and enhanced data exchange capabilities facilitated by Health Information Exchange systems.
Segmental Outline
The global market of healthcare electronic data interchange (EDI) market was studied by component, transaction, delivery mode, and end user.
Software and services are electronic data interchange market’s component-based segments. Web and cloud-based EDI, direct (Point-to-Point) EDI, EDI value added network (VAN), and mobile EDI are delivery-mode based segments of the EDI market. The market’s transaction-based segments are payment & remittance advance, claims & encounters, claim attachments, eligibility inquiry and response, enrolments, claim status and response, and referral certification and authorization. By end user, the market segments are pharmaceutical & medical device industries, healthcare providers, and healthcare payers, others. The healthcare payers segment can hold the grand share of the overall market as the rate of adoption of EDI by clinicians and physicians for financial management is high. The pharmaceutical and medical device segment can strike a decent CAGR through the study period.
Key Players
Cognizant, Allscripts Healthcare Solutions Inc., Siemens Healthineers, The SSI Group, LLC, Experian Information Solutions, Inc., ZirMed Inc., GE Healthcare, McKesson Corporation, Optum, Inc., Schreiner Group, Passport Health Communications, Emdeon Inc., and HealthFusion are some reputed healthcare electronic data interchange software players.
Regional Summary
Americas healthcare electronic data interchange market to be in the forefront. The high pace growth of the healthcare electronic data interchange (EDI) market in Americas can be attributed to surge in healthcare expenditure, increased participation of marketers, and disruptive technologies in EDI software.
Europe EDI market expansion can be attributed to hefty funds offered by governments and the presence of favourable policy implementation.
Asia Pacific healthcare electronic data interchange software market can surge at a high growth rate due to increased investment in information technology. As per the report offered by India Brand Equity Foundation (IBEF), India’s heavy investment in the development of information technology sector can bolster the expansion of the regional EDI market through the evaluation period.
In MEA, the market of healthcare electronic data interchange software can emerge in coming years.
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